MSCI采纳新规则，最终可能将Strategy Inc.逐出其全球股票基准指数，可能引发数十亿美元的股票抛售，并给迈克尔·塞勒（Michael Saylor）庞大比特币持仓背后的融资模式带来新的压力。
Inc. adopted new rules that could ultimately push Strategy Inc. out of its global equity benchmarks, potentially triggering billions of dollars in stock sales and adding fresh pressure to the financing model behind Michael Saylor’s vast Bitcoin holdings.
该指数编制公司周四表示，将根据一项新框架排除被归类为非经营性企业的公司，该框架将于11月30日收盘时生效。虽然该决定不会立即将Strategy从其基准指数中剔除，但它设立了财务测试，可能导致该公司不符合纳入MSCI全球股票指数的条件。
The index maker said Thursday it will exclude companies classified as non-operating businesses under a new framework that takes effect at the close of Nov. 30. While the decision does not immediately remove Strategy from its benchmarks, it establishes financial tests that could render the company ineligible for inclusion in MSCI’s global equity indexes.
“MSCI将实施该提案，将非经营性公司定义并分类为不符合MSCI全球可投资市场指数纳入条件，内容与8月3日2026年公布的咨询方案一致，并作了小幅修改，”该指数编制公司在一份声明中表示。现有成分股必须未能通过多项财务测试才会被剔除。
“MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes, as set out in the consultation announced on August 3, 2026, with minor modifications,” the index-maker said in a statement. Existing constituents must fail a number of financial tests to be removed.
Strategy股价在盘后交易中下跌2%。该公司未立即回应置评请求。
Shares of Strategy were lower by 2% in post-market trading. The company did not immediately respond to requests for comment.
最终被剔除可能会对Strategy——一家曾经的企业软件公司——开创的加密货币储备模式造成打击，该模式中，公司通过股票出售、债务和复杂证券发行进入资本市场，积累大量代币。
An eventual removal could deal a blow to the crypto-treasury model that Strategy — a former enterprise-software company — pioneered, in which firms amass large token hauls by tapping capital markets via stock sales, debt and complex securities offerings.
也许最重要的是，剔除可能会通过缩小必须持有该股票的投资者池来给股价带来压力。例如，摩根大通去年估计，此类事件可能因被MSCI剔除而引发高达28亿美元的Strategy股票抛售，如果其他指数效仿，还可能引发另外88亿美元的抛售。
Perhaps most importantly, a removal can pressure a stock by shrinking the pool of investors required to hold it. JPMorgan, for one, had last year estimated that such an event could trigger as much as $2.8 billion of Strategy sales due to exclusion by MSCI, and potentially another $8.8 billion if other indexes follow suit.
“指数纳入对像Strategy这样的公司非常重要，因为它能提供程序化的持续买盘，从每周的401k缴款到股市，再到共同基金，”Clear Street颠覆性技术研究主管布赖恩·多布森说。“如果一家公司被剔出指数，将面临一些短期抛售压力，因为跟踪该指数的人会平仓。”Strategy持有的比特币总量接近70亿美元，目前已面临投资者对其多种证券需求下降的问题，这些投资者原本希望参与其创新融资模式。
“Index inclusion is very important for a company like Strategy because it provides a level of programmatic consistent buying, anything from weekly 401k contributions to the stock market, to mutual funds,” said Brian Dobson, managing director for disruptive technology research at Clear Street. “If a company is removed from an index, it’ll experience some short-term selling pressure as people mirroring that index liquidate positions.”Strategy, whose Bitcoin haul totals almost $70 billion, is already grappling with waning demand for a variety of its securities among investors who wanted to partake in its innovative financing model.
以高于其加密货币持有价值的价格出售普通股，是塞勒最初推动公司呈指数级增长、将其打造成全球最大数字资产财富公司的方式。随着对股东稀释的担忧，该溢价后来消失，促使塞勒转向优先股，但对优先股的需求也随之下降。Strategy最近要求投资者批准一项措施，将优先股股息改为每日支付。
Selling common stock at a premium to the value of its crypto holdings was the initial way that Saylor fueled the exponential growth to turn the firm into the world’s largest digital-asset treasury company. That premium later evaporated amid concern about shareholder dilution, prompting Saylor to shift to preferred shares, before demand for those also waned. Strategy recently asked investors to approve a measure to shift the preferred dividends to daily payments.
“他们将更难出售股票，并运行他们用来购买更多比特币的整个机制，”比特币专注资产管理公司Two Prime首席执行官亚历山大·布卢姆说。“这确实表明，这些数字资产财富公司并不被视为真正的企业，一些更受尊重、规模更大的指数不希望其客户暴露于如此波动的资产，这对我来说并不意外。”塞勒本人淡化了MSCI可能采取的任何行动。
“It will be harder for them to sell the stock and run their whole machine that they use to buy more Bitcoin,” said Alexander Blume, CEO of Bitcoin-focused asset manager Two Prime. “It does show that these digital asset treasury firms are not really regarded as real businesses and It’s not surprising to me that some of the more respected and scaled indexes don’t want to have their clients exposed to something with so much volatility.”Saylor himself has downplayed any potential moves by MSCI.
本周早些时候在接受彭博电视台采访时，他说，这家指数提供商——他称其控制的资金量“微不足道”——正在“对数字资产施加带有偏见的价值观”。他称其潜在决定是一种“价值判断”，树立了不良先例。
In an interview with Bloomberg TV earlier this week, he said the index provider — which he said controls a “de minimis” amount of capital — was “imposing prejudicial values on digital assets.”He called their potential decision a “value judgment” that sets a bad precedent.